HomeMy WebLinkAbout2018-172 Council Resolution�a
CITY OF LINO LAKES
RESOLUTION NO. 18-172
RESOLUTION APPROVING TRANSFERS FOR FINAL INSTALLMENT PAYMENT
ON INTERFUND LOAN FOR RECREATION COMPLEX LAND
WHEREAS, in 1999 the City purchased land for the purpose of creating a recreation complex,
and
WHEREAS, a temporary interfund loan was made from the Area and Unit Fund (406) to the
Dedicated Parks Fund (405) for the purchase of said land, and
WHEREAS, the City Council approved Resolution No. 06-212 providing for a plan to repay the
interfund loan from the General Fund and Dedicated Parks Fund.
NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes,
that the following transfers are approved to pay the final installment on the Recreation Complex
Interfund Loan:
From To Amount
General Fund Dedicated Parks Fund $50,000.00
Dedicated Parks Fund Area and Unit Fund $103,371.41
Adopted by the Council of the City of Lino Lakes this 101h day of December, 2018.
The motion for the adoption of the foregoing resolution was introduced by Council Member
M-:ier and was duly seconded by Council Member Rafferty and upon
vote being taken thereon, the following voted in favor thereof:
Maher, Rafferty, Manthey, Stoesz, Reinert
The following voted against same:
none
ATTEST:
Zl e Bartell, CAty Cler
CITY COUNCIL
AGENDA ITEM IE
STAFF ORIGINATOR: Sarah Cotton
MEETING DATE: December 10, 2018
TOPIC: Consider Resolution No. 18-172, Approving Transfers for Final
Installment Payment on Interfund Loan for Recreation Complex
Land
VOTE REQUIRED: 3/5
BACKGROUND
In 1999, the City purchased land for the purpose of creating a recreation complex. A temporary
interfund loan was approved and was intended to be repaid through a successful park improvement
referendum. The referendum was held in 2001 and did not pass; therefore, it was the intent of the
City Council to approve a plan to repay the interfund loan. The City Council approved Resolution
No. 06-212 providing for the repayment of the interfund loan for the recreation complex land.
Resolution No. 18-172 approves the transfers necessary to make the fmal installment of the
repayment program.
RECOMMENDATION
Staff recommends the approval of Resolution No. 18-172.
ATTACHMENTS
Resolution No. 18-172